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Accounting Policies (Policies)
12 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Organization

Organization

 

Westcott Products Corporation (the “Company”) was chartered in the State of Delaware on June 24, 1986, as the surviving entity in a merger with Lee Building Products, Inc. The Company had been dormant for many years but began the process of reactivation in October 1999 and is now in the process of seeking new business opportunities.

 

Currently, management’s plans include finding a well-capitalized merger candidate to recommence its operations.

 

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America.

Income Taxes

Income Taxes

 

The Company applies the provisions of Financial Accounting Standards Board Accounting Standard Codification (“ASC”) 740 Income Taxes. The Standard requires an asset and liability approach for financial accounting and reporting for income taxes, and the recognition of deferred tax assets and liabilities for the temporary differences between the financial reporting basis and tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. Due to a loss from inception, the Company has no tax liability. At this time the Company has no deferred taxes arising from temporary differences between income for financial reporting and income tax purposes.

 

We classify tax-related penalties and net interest on income taxes as income tax expense. As of September 30, 2012 and 2011, no income tax expense had been incurred.

Net Loss Per Common Share

Net Loss Per Common Share

 

Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is calculated to give effect to common stock equivalents. The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations:

 

          For the Period from
  For the   For the   October 1999
  Year Ended   Year Ended   (date of reactivation)
  September 30,   September 30,   through
  2012   2011   September 30, 2012
Shares used in Basic per Share Amounts:                
Weighted average common shares outstanding   1,115,800     1,115,800     538,164
Shares used in Diluted per Share amounts:                
Effect of diluted securities          
Diluted Weighted Average Common Shares Outstanding   1,115,800     1,115,800     538,164
                 
Anti-dilutive Weighted Average Common Shares Outstanding          

 

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

 

The Company reviews long-lived assets, at least annually, to determine if impairment has occurred and whether the economic benefit of the asset (fair value for assets to be used and fair value less disposal costs for assets to be disposed of) is expected to be less than the carrying value. Triggering events, which signal further analysis, consist of a significant decrease in the asset’s market value, a substantial change in the use of an asset, a significant physical change in the asset, a significant change in the legal or business climate that could affect the asset, an accumulation of costs significantly in excess of the amount originally expected to acquire or construct the asset, or a history of losses that imply continued losses associated with assets used to generate revenue. The Company has no long-lived assets as of September 30, 2012 and 2011.

Use of Estimates in Preparation of Financial Statements

Use of Estimates in Preparation of Financial Statements

 

The preparation of financial statements in conformity with U. S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

Revenue Recognition

 

The Company shall recognize revenues in accordance with the Securities & Exchange Commission Staff Accounting Bulletin (SAB) number 104, “Revenue Recognition.” SAB 104 clarifies application of U.S. generally accepted accounting principles to revenue transactions. Accordingly the Company shall recognize revenues when earned which shall be as products or services are delivered to customers. The Company shall also record accounts receivable for revenue earned but not yet collected. An allowance for bad debts shall be provided based on estimated losses. For revenue received in advance of service the Company shall record a current liability as deferred revenue until the earnings process is complete.

Impact of New Accounting Standards

Impact of New Accounting Standards

 

The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operation, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.